The Lee Tessier Team Receives National Attention as Real Estate Expert Advisors Aired on NBC, ABC, CBS and FOX

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On a recent television show “New Masters of Real Estate”, we were fortunate enough to have been showcased as an expert in the industry by the National Association of Expert Advisors. During that interview I was asked to share some key points as to what makes a strong real estate professional stand out from the rest. We thought this would be valuable information for our clients (both existing and future clients) so here is a recap of what was discussed on the show.

Gaining Strength In Numbers

One of our biggest assets is the ability to serve our clients with a uniquely specialized team that is dedicated to serving specific service areas. When we get an incoming inquiry, the first thing we do is to gain as much information as possible to learn the areas within which the client requires assistance. Like the triage in a hospital, our designated team member then directs the client to the appropriate person on our team.

Getting the Word Out

The single biggest mistake that many agents commit is not properly marketing their clients’ properties. We realize that marketing is the key component to getting a home sold so we place a heavy emphasis on that aspect of the business. In fact, we spend thousands of dollars each month on marketing alone – more than what many agents make in any given year.

Most agents do what I call the “three P’s”; they PUT a sign in the yard, PLACE the home on MLS and then PRAY the home sells. Not only do we spend plenty of time preparing the home before even listing it on the market, we also work to reach our extensive buyer database to match the right buyer with the home. Additionally we actively market the property by placing it on multiple websites. Rather than straight photographs we hire professionals, both photographers and videographers, to take High Definition images of the home.

Putting Our Expertise to Good Use

There are basically two categories in terms of real estate agents. There are either those 10% that do 90% of the work or the other way around. At the present time, in Baltimore and Harford Counties approximately 40-50% of homes are not selling. In an ongoing month, 10% are selling. Would you rather be in the group that is seeing success or have your home sit around for months on end?  Our team ensures that positive result and we do it through years of experience and expertise. In fact, we recently took two homes that were on the market in excess of 200 days and we sold them within 17 and 21 days respectively.

Another aspect of our specialized attention to our clients’ needs is that we don’t just perform market comparisons to help determine your selling price – we go out there and get to know the neighborhood thoroughly. We know and understand market conditions and act upon them. When a house down the street doesn’t sell, we set out to find out why – whether it is due to bad presentation, lackluster marketing or the wrong negotiation techniques. We put an emphasis on making sure the home we have listed on that same street doesn’t exhibit the same gaps as the unsuccessful homes in the neighborhood.
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Our team has grown sizably over the recent past and this year we are forecasting double the number of buyers and sellers serviced by our company. The video New Masters of Real Estate as seen on CBS, NBC, FOX and ABC is just another example of how dedicated we are as a team and how we are regarded as experts in our field. I invite you to visit us and give us the opportunity to serve you! Call us today at 410.638.9555 or 410.803.0900 or email lee@leetessier.com.

8 Secrets to Getting Your Offer Accepted by Sellers in a Multiple Offer Situation

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With our shifting real estate market comes new (and in many cases) welcome problems to have to deal with. Take the relatively new occurrence of multiple offer situations in our area lately. After months (and years) of a buyer-controlled market, we are finally seeing fewer homes available and more buyers interested in the choice properties that are out there.

So what do you do if you are a buyer faced with multiple offer competition?  You BEAT that competition!  Here are eight ways to get around those other offers, make yours stand out and GET the home of your dreams!

Avoid a Bidding War in the First Place

One of the easiest ways to avoid a bidding war is to act fast on your interest in a home. If you see it, like it and want it – make an offer on it!  There is no reason to delay things because eventually you will have a chance to look back on the purchase while it is under contract and iron out any details. But if you don’t want other buyers fighting for the same house, beat them to it.

Keep The Emotions Out of It

Some overzealous buyers that don’t have their offers accepted lash out and retaliate against the sellers. Expressing anger and disappointment through a letter or via their agent is not a smart way to handle the situation. Often the first offer on a home is not even realized, where the seller revisits other bids received, going to their next choice. If you handle rejection gracefully, maybe with a thank you letter expressing regret but that you’re interested in the home should they change their mind, you may walk away with your dream home after all.

Bring Some Personality to Your Offer

While some agents prefer to make offers on behalf of their clients in writing and other impersonal ways, the best way to do it is by bringing an element of personality into your offer. Write a handwritten letter expressing what you love about the house and that you’ll take care of it just like they have for so many years (if applicable). This will show your sincerity in wanting the house and it will also stick in their minds when they go back to review all offers received on the property.

Choose a Communicative Agent

As mentioned in the previous point, some agents choose lackluster means of communication. When hiring your agent, be sure to select someone that is warm but also on the ball and quick.
Accessibility is key for the buyers’ agent as much as it is for the sellers’. If the seller is to gauge the level of your enthusiasm then they must be getting those signals from your agent.

Know Your Numbers

Sometimes the final sales price doesn’t matter. There will be an appraisal before the home is financed, which is the value that you will end up paying on the home. Knowing in advance gives you a head start over other buyers since you will be armed with knowledge ahead of time and can anticipate a reasonable offer accordingly. You should be aware of price per square foot as well as other comparable sales in the area. Keep in mind, there may not even be a need for a bidding war because the price might be capped by the appraisal anyway.

Don’t Stray From the Straight and Narrow

Offers that are simple, cleanly written and to the point are the ones sellers respond to the most. Especially in a multi-offer situation, sellers do not want to have to rifle through endless pages of contingencies, conditions, minor detail mongering and other unnecessary things. The easier you make it for the seller, the better your chance to get the home of your dreams. Remember that at the end of the day you can go back and identify any specific wants you may have but just wait until you have an accepted offer.

Choose Your Priorities Carefully

A common request these days is for FHA buyers to request assistance from the seller with closing costs. If you are a buyer that is faced with a multi-offer situation and you have the choice to not ask for closing costs – you may just be able to win your bid after all. Most sellers today are selling their homes after 10, 20 years and they have no idea of the recent trend of closing cost sharing. To avoid this and the potential of losing your bid on the home overall, don’t ask the seller – make alternate arrangements for closing costs. Borrow from someone. Accept a gift from a family member. Tap into your savings.

Do Better Than the Rest

An excellent tool used by buyers in these situations is to offer more than everyone else. Everyone wants more money and in today’s market sellers are already getting less than what they had expected to get. If you have found the home of your dreams pay extra money to make sure your offer is the one that is accepted and it will offset any costs you may have needed to put into a less-than-perfect property otherwise.
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Remember, this is a time when more buyers are vying for fewer available homes. So nothing is foolproof and there is always the potential of not winning your bid. The best defense you can have against that happening is to be prepared in advance. Get ready to be disappointed. If the home you are looking at is perfect, chances are there are others looking at it with the same eyes too. Aside from putting into our secrets into play, the best thing you can do is to stay realistic. When the right house comes along – things will fall into place. Good luck!

5 Reasons Homes Don't Sell

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Who does not want to get top dollar for their home?  The truth is that with the countless homes that have been on the market during the past several months – in many areas, just getting an offer is great news.  But regardless of your location, it is important to avoid making mistakes that could cost you the sale of your home.  Here are five things that sellers do wrong (and what you can do right) that end up in an unsold house.

Pricing

You want as much money as you can but that ends up backfiring when homeowners overprice.  The priceshould be set at middle or low end of the range for your home to be able to sell.  It’s important to review area comparable sales to gauge what other homes in the same neighborhood have recently sold for.  Overpricing helps other homes in the neighborhood sell and it also slows down your offers.

Staging and Photographs

Staging has become more popular – arranging furniture and removing personal items from the house.  It allows buyers to look at the home with a blank slate and be able to envision their own lifestyle in the home. Another benefit of this is that the home’s features will be in plain view for buyers rather than being buried beneath mountains of the seller’s stuff.  High quality photographs are another part of effectively selling a home.  Almost all buyers begin their property search on the Internet and photos are pivotal to the process. 

Access to Property

Restricted access to the property will hinder successful sales because buyers will not be able to get in and see the home on their own schedule.  If you have a busy schedule that may seem difficult to work around, meet and discuss alternatives with your Realtor such as installing a lock box on the front door or setting up specific blocks of time each week that allow for some level of predictability without sacrificing accessibility to your home.

Attendance of Seller at Showing

One of the cardinal rules of real estate transactions during showings is that the seller must not be present while the buyer is reviewing the property.  If you happen to be present when a buyer shows up, leave quickly and do not interact with the buyer or their agent.  If that is not possible for some reason, make yourself as scarce as possible by either going to an area of the home that they have already looked at or go outside for a little while. 

Rejecting First Offer

The first offer you get on your property is usually the best offer you will get on your property.  It is important to look at that first offer as your best one and keep in mind that the longer the home remains on the market, the lower the offers are going to get.  Offers come in between 15 to 20 percent lower than the asking price but the home usually sells within about 5 to 10 percent of the asking price.

If you would like us to review your home and provide suggestions on how you can improve your chances for a successful sale, contact us today!

Keep Your Home Safe While on Vacation

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With summer fast approaching, you might already have vacation on your mind...so I wanted to share with you on this little video clip my favorite safety tips. In fact, I have multiple critical steps to prepare your home for safe keeping while you're away, to keep your nest safe and secure.

This is exactly what I did to prepare my home while I'm on vacation:

The best way to keep your home safe in your absence is to make it appear you are home, leaving absolutely no clue you're actually away. Light, time and noise are your greatest weapons to accomplish this. Follow these tips to ready your home and keep it safe:

- Ask someone you know and trust to keep an eye on your house.

For short trips, ask one of your neighbors to pick up your mail and your newspaper. If you are going to be gone longer, however, be sure to stop by the post office and have your home mail delivery stopped until you return.

Be sure to provide neighbors, friends and family members with emergency phone numbers so you can be reached quickly. It's a good idea to leave a spare house key with a relative or neighbor as well.

- At least a couple of weeks before you leave for vacation, decide what to do about your pets. You may want to have a friend or neighbor stop by each day to provide food, water and exercise. Or you may want to hire a professional pet sitting service or take the pets to a reputable kennel. This decision should be made well in advance so that proper arrangements can be made.

- Use timers on lights, televisions and radios to provide sound and illuminate the inside of your home.

- If you still have a home phone, change the setting on your answering machine so it picks up on the first or second ring—or just turn down the ringer. A constantly ringing phone is also a good sign no one is home.

- For long absences, you may want to turn off the main water valve. This will help avoid problems with frozen pipes in winter and leaking pipes in the warmer months as well as other plumbing issues.

- Keep shades up and blinds and curtains open to make it appear you're home.

- Keep bushes and shrubs near your home's entrance and walkway well trimmed. This will eliminate hiding spots for burglars.

- Keep the outside of your home well lit. Burglars won't go where they can be seen.

- Ask a neighbor to park in your driveway, occasionally moving his or her car indicate your coming and going.

- Leave the air conditioner on. A silent compressor on a hot day is a good indication you aren't home or turn your thermostats down (or up) before you leave. There is no reason to spend money heating or cooling the home when you are not there. It depends on what the weather is like in your area. Check out the 10 day forecast before you leave.

- Have the lawn mowed by a friend or lawn service if you are away longer than a week in the warmer months.

- This one is tough for those addicted to Facebook but posting to Facebook where you are at all times you are not only sharing this with your 'friends'. Those posts and photos allow others to find out when you are away and where you are. This isn't as concerning when you are local as you could post a comment or photo as you are ON your way home or just arrived but when your, say, at Disney World, those with ill plans regarding your trip away from home.

- Be sure to turn down the temperature on the hot water heater and unplug televisions and other appliances. These appliances will be drawing electricity whether they are on or not. Unplugging them will help lower your electric bill.

- Don't forget about the plants. If you are having a friend or pet sitter care for your pets, ask them to take care of your plants as well. Simply soaking the plants with water before you leave is not enough. A better idea is to create a self watering system if you cannot have someone care for the plants. For small plants, make a self watering system by filling a plastic container with pebbles. Then fill the bottom of the container with water. This allows the plants to slowly absorb the moisture they need, without the danger of their roots becoming waterlogged. Larger plants can be mulched with a damp towel or newspaper to prevent the loss of moisture.

- When the day to leave for vacation finally arrives, try not to make that departure too obvious to those passing by. If you have a garage, be sure to pack the car with the garage door closed. If you do not have a garage, you may want to pack a couple of items a day in order to avoid broadcasting to the world that your home will be unoccupied.

- This last tip isn't a security measure for your house but for your credit (you know I always care about that as well) as you need to keep tight check over your credit in order to purchase or refinance your home!

With all the excitement of the upcoming trip we sometimes get carried away, plan only for the trip and security of our home for while we are away and leave for our stress-free trip. But wait!! You suddenly realize the day before you return the date! You've missed your mortgage payment, car payment, credit card, and utility due dates by a week or more! This happens more than I'd like to hear and the credit company doesn't accept this as a viable hardship excuse. So ensure you plan ahead. Go on and sit down to make all the payments needed to be made in advance before your trip and all those due up till a few days after your return for good measure to ensure you don't get tied up with the return home and forget this very important task to protect your credit rating!

As you can see, there is a lot to think about before you jump in the car or on a plane for vacation. Use this checklist as a way of bringing peace of mind to you and your family. Enjoy your vacations without worrying about the safety of your home while you're away.

Ten Questions Every Homeowner Should Ask an Agent

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As you embark upon what will be one of the most important transactions of your life – whether buying or selling a home – you should be absolutely certain that you are happy with the real estate agent you have hired to help you manage it. 

To help you with this all-important hiring process, here are ten important questions to ask an agent before you decide on whether or not to hire them:

Question #1

How Close Do You Get in Sale Price Related to Asking Price?

It is important to ask for this information as it relates to the past 60 days.  Given that many agents are not that active in the market, you would be best served to obtain the most recent information possible.  As a seller, your agent’s ability to come close to the asking price is a strong attribute and can mean a difference of thousands of dollars in your transaction.

Question #2

How Many Days on Average Does It Take You To Sell a Home?

What’s the average number of days on the market for properties listed by your prospective agent? Since this statistic can reach as high as six to nine months in some cases and as much as a year, it is important to ask how your prospective agent ranks on the scale.

Question #3

What is the Rate of Homes Sold on a Monthly Basis?

Knowing the absorption rate of homes similar to yours that are on the market allows valuable insight as to how the market is performing for your particular needs.  Not only does it give sellers a glimpse into the system and how it would translate to their own sale but it also presents a broader view of the entire market in general.

Question #4

What Do You Do Differently To Get Homes Sold?

Especially with the current trying economic times, many agents have been faced with adversities trying to sell the homes on their list.  One of the best ways to learn if your agent is a top producer is to question how they have successfully sold or marketed difficult homes.

Question #5

What Percentage of Deals Do You Represent the Buyer Versus Seller? 

Some agents work primarily with sellers while others work mostly with buyers and still others are experienced with dual-agency deals.  Depending on your needs, you will benefit from an agent that specializes in one of the two.  It is important to ask which side of the fence your prospective agent tends to represent. 

Questions #6

How Many Homes Did You Sell Last Year?

Nothing speaks louder than numbers.  A very important statistic, ask what the total number of homes sold last year was and if possible try to get a more long-term picture of the agent’s performance in this regard. You can also ask for a month-to-month breakdown to see if there are certain stronger months.

Questions #7

Can You Provide a List of the Ten Most Current Clients You Have Worked With?

Rather than rely on the given list of referrals that many agents have handpicked, it’s a good idea to obtain a list of clients that are currently working with this Realtor.  It will provide a much-needed glimpse into the agent’s performance on various stages of real estate transactions.

Question #8

How Much of Your Work Day Do You Dedicate to the Real Estate Industry?

You want an agent that is 100% committed to their  job and if they are focusing more on a day job with real estate being a secondary career, you run the risk of inaccessibility, lack of knowledge and experience plus lackluster motivation.  Find out how they feel about the real estate industry and whether they are passionate about their work.

Question #9

What is Your Style of Marketing – Proactive or Reactive?

What is your potential agent’s style of working?  Does he or she speak to a large number of people each day? Are they proactive or reactive in nature when it comes to marketing? See how this lines up with your real estate needs.  Are you in a hurry to buy or sell?  Does a laid back agent hinder your efforts? Or does slow and steady work better for you?

Question #10

What Does Your Daily Schedule Look Like?

The typical schedule of a real estate professional can be very telling.  By asking for a copy or general idea of how they conduct their day in terms of their work, you can get a good idea of how much time is devoted to the profession and what kind of business they are running.